In the last Tech Talks Business event of 2024, Dean Anuj Mehrotra hosted Bill George, former chairman and CEO of Medtronic. George is also a senior fellow at the Harvard Business School and the author of True North: Emerging Leader Edition. He earned his Bachelor of Science in Industrial Engineering (BSIE) from Georgia Tech and his MBA from Harvard University, where he was named a Baker Scholar. In addition, he has been awarded five honorary doctoral degrees, including from Georgia Tech and the Mayo Clinic.
In this talk, George provided insights on leadership including a roadmap for anyone who wants to understand the essence of leading with authenticity and purpose, particularly in turbulent times. For him, in today's rapidly evolving world, the wisdom of staying true to one's mission, values, and beliefs stands as a guiding light for leaders.
"Figure out your mission or purpose and your values and stay true to those," he said.
George used the case of a once-dominant company in commercial aviation as a cautionary tale. The company was a leader for over a century but seemed to abandon its engineering heritage and shift away from its values. In 20 years, it had five CEOs, a clear outcome of drifting from its foundational principles. Further, when making mistakes, the company failed to take responsibility, signaling a lack of ethics. George noted that an organization and its leaders must know their roots and remain faithful to what they stand for or risk long-term failure.
Despite the need to remain true to one's core, George also emphasized the necessity of adaptability. He referenced Starbucks as a case study of how the world has evolved. Where customers used to sip coffee and linger in the store, today, they prefer convenience, whether ordering online, through the drive-through, or via home delivery. Like many other companies, Starbucks had to adapt to changing consumer behavior without losing sight of its mission and values. Leaders, George stated, must continuously evolve their strategies for the world of today and the foreseeable future.
However, leadership isn't only about adapting quickly to a changing environment. It also includes showing vulnerability and admitting mistakes. George recounted his early failures in leadership, including being told he wasn't ready to lead because he moved too fast and didn't take time to connect with others. This feedback was crucial in shaping his understanding that effective leadership is about building trust, and he warned that it's easy to destroy trust instantly, even if it takes years to build.
Crises like the Covid-19 pandemic brought these lessons to the forefront. The global crisis revealed the depth of leaders' trust and relationships with their teams. George noted that even though we are in a post-Covid era, the psychological and societal impact continues to linger, influencing our daily interactions and even affecting political landscapes.
Today's business leaders also face immense pressure to take stances on hot-button issues, from diversity and inclusion to climate change. He believes CEOs must decide whether these issues align with their mission and values before taking a public position. Citing one large consulting company, George highlighted the importance of leaders who stand firm on their commitments to diversity despite facing backlash.
While he believes being informed about global issues is crucial, leaders must know when to defer to experts. Authenticity comes from recognizing your limits while remaining committed to your core values.
George also discusses the evolution of leadership, noting the shift from only valuing IQ to prioritizing emotional intelligence (EQ). In today's world, a leader's empathy, compassion, and courage are as important as their knowledge. He stated that emotional intelligence can be developed through life experiences, often from moments of failure and reflection. He used examples of successful leaders like Satya Nadella of Microsoft, who transformed the company by emphasizing empathy and a growth mindset.
"Leadership today requires balancing intellect and empathy. It's about creating environments where people feel heard and valued, and bold decisions are made with both the head and the heart," he said.
Before taking questions from the audience, George concluded with a powerful reminder: authentic leadership isn't measured by short-term success or financial goals. Instead, it's about making a lasting impact. He shared that Medtronic's success was tied not just to hitting financial targets but to the mission of restoring people to full life and health. Leaders must engage their teams meaningfully, citing that, in the case of Medtronic, everyone from IT to HR feels connected to a larger purpose.
The lessons from George are clear: know your mission, stay true to your values, remain adaptable, and lead with both head and heart. Leadership is about inspiring trust and making a positive impact, no matter the challenges.
Watch the full event in the video below.
